Global Contagion?

Investors are wondering where the next shoe may drop after Standard & Poor's revised its outlook on Spain to negative on Wednesday.

"In our opinion, reducing Spain's sizable fiscal and economic imbalances requires strong policy actions, which have not yet materialized," Standard & Poor's said in a statement, adding that the country faced a deeper deterioration in public finances and a longer period of economic weakness than it had expected when it lowered Spain's sovereign rating in January.

These developments come one day after Fitch cut Greece's debt to BBB+ on Tuesday.

The cut was the first time in 10 years a major ratings agency has dropped Greece below an A grade. Fitch cited fiscal deterioration in one of the 16-member currency bloc's most indebted member states.

What must you know about these developments?

*As you might have noticed Wednesday’s recap relies more heavily on video clips from the show. Would you prefer that the recap had less writing and more video?

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